LEASES (Tables)

12 Months Ended

Aug. 31, 2023

Schedule of Balance Sheet Components of Leases

The following table presents the components of the total leased assets and lease liabilities and their classification in the Company's consolidated balance sheets:


(in thousands)	Classification in Consolidated Balance Sheets	August 31, 2023		August 31, 2022
Assets:
Operating assets	Other noncurrent assets	$	160,767	$	138,937
Finance assets	Property, plant and equipment, net	104,537		63,702
Total leased assets		$	265,304	$	202,639

Liabilities:
Operating lease liabilities:
Current	Accrued expenses and other payables	$	34,445	$	31,792
Long-term	Other noncurrent liabilities	129,800		111,150
Total operating lease liabilities		164,245		142,942
Finance lease liabilities:
Current	Current maturities of long-term debt and short-term borrowings	28,037		19,340
Long-term	Long-term debt	67,433		39,196
Total finance lease liabilities		95,470		58,536
Total lease liabilities		$	259,715	$	201,478

Lease Cost

The components of lease cost were as follows:


	Year Ended August 31,
(in thousands)	2023		2022		2021
Operating lease expense	$	40,093	$	35,111	$	32,752
Finance lease expense:
Amortization of assets	16,574		13,302		13,050
Interest on lease liabilities	3,642		2,105		2,213
Total finance lease expense	20,216		15,407		15,263
Variable and short-term lease expense	20,810		20,856		20,096
Total lease expense	$	81,119	$	71,374	$	68,111

The weighted average remaining lease terms and discount rates for operating and finance leases are presented in the following table:


	August 31, 2023		August 31, 2022
Weighted average remaining lease term (years):
Operating leases	5.6		5.3
Finance leases	4.1		3.4

Weighted average discount rate:
Operating leases	4.730	%	4.076	%
Finance leases	4.926	%	4.125	%

Cash Flow and Other Information Related to Leases

Cash flow and other information related to leases is included in the following table:


	Year Ended August 31,
(in thousands)	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	40,645	$	35,697	$	31,686
Operating cash outflows from finance leases	3,642		2,093		2,228
Financing cash outflows from finance leases	22,837		17,821		16,016

ROU assets obtained in exchange for lease obligations:
Operating leases	$	55,588	$	59,035	$	25,888
Finance leases	59,499		24,333		18,006

Maturity of Operating Lease Liabilities

Future maturities of lease liabilities at August 31, 2023 are presented in the following table:


(in thousands)	Operating Leases		Finance Leases
2024	$	41,430	$	32,051
2025	36,446		25,859
2026	31,278		19,394
2027	24,579		16,086
2028	16,449		9,104
Thereafter	41,843		3,239
Total lease payments	192,025		105,733
Less imputed interest	(27,780)		(10,263)
Present value of lease liabilities	$	164,245	$	95,470

Maturity of Finance Lease Liabilities

Future maturities of lease liabilities at August 31, 2023 are presented in the following table:


(in thousands)	Operating Leases		Finance Leases
2024	$	41,430	$	32,051
2025	36,446		25,859
2026	31,278		19,394
2027	24,579		16,086
2028	16,449		9,104
Thereafter	41,843		3,239
Total lease payments	192,025		105,733
Less imputed interest	(27,780)		(10,263)
Present value of lease liabilities	$	164,245	$	95,470